Cybersecurity in Financial Services Market is Expected to Grow at CAGR 9.5% by 2027 Owing to Growing Government and Compliance Regulations Along With Rising Popularity of Digitization, Says Absolute Markets Insights

Prominent players operating in the cybersecurity in financial services market include FireEye, Inc., Fortinet Inc., McAfee LLC., Palo Alto Networks, Inc., CISCO SYSTEMS, INC.

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Absolute Markets Insights

Dec 11, 2019, 09:30 ET

PUNE, India, Dec. 11, 2019 /PRNewswire/ -- Global cybersecurity in financial services market has witnessed significant growth in 2018 and is projected to exhibit a tremendous growth during the forecast period. The growth can be attributed to advancement in technologies which has pushed financial regulators to create new laws and regulations regarding cyber-attacks. The financial services sector is highly exposed to cyber risks and digitization across financial sector is one the factors that is responsible for cybercrimes. The financial services industry is currently struggling to effectively quantify cyber-risks as the approaches to estimate cyber-risks are less developed in comparison with its more matured disciplines, such as market and credit risks. This had led global market participants in cybersecurity in financial services market to provide technology-driven solutions, varying from digitization and application programming interfaces (APIs) to biometrics and robotics for the financial services sector. Such factors are generating opportunities for global market participants to enhance their existing offerings for cybersecurity in financial services.

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Growing illustration of cyber threats is another factor that is leading market participants to offer an enhanced version of security for financial services sector. U.S. has witnessed approximately 1,579 data breach incidents in 2017, out of which 8.5% was experienced by financial sector, including entities such as banks, financial services, credit card companies, investment firms and trust companies, credit unions, mortgage and loan brokers, payday lenders and pension funds. Key market participants are rapidly introducing improved platforms through the integration of security information and event management (SIEM) and orchestration to detect cyber threats. For instance, in 2018, FireEye, Inc. launched a new platform, FireEyeHelix by combining next-generation SIEM, advanced orchestration, and cloud security in Helix security operations platform. It offers a centralized platform to detect threats, automate response, and simplify compliance reporting. Similarly, Trend Micro Incorporated, a Tokyo-based cybersecurity company introduced Xgen endpoint security for financial services sector. Xgen endpoint security is powered by the Xgen blend of cross-generational threat defense techniques that intelligently applies right technology at right time to increase the overall efficiency against a full range of cyber threats. Thus, such factors are contributing for the growth of global cybersecurity in financial services market.

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The detailed research study provides qualitative and quantitative analysis of the global cybersecurity in financial services market. The cybersecurity in financial services market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

Key Findings of the Report:

In terms of revenue, cybersecurity in financial services market is expected to reach US$ 59.04 Billion by 2027, expanding at a CAGR of 9.5%
On the basis of type of security, network security accounted for more than 38% of the market share in 2018.
Based on the service type, professional services segment currently holds the major market share and is projected to grow at a CAGR of 10.6% during the forecast period (2019 – 2027)
On the basis of deployment type, cloud-based solutions are expected to grow at a CAGR of 10.3% during the forecast period
Some of the prominent players operating in the cybersecurity in financial services market include FireEye, Inc., Fortinet Inc., McAfee LLC., Palo Alto Networks, Inc., CISCO SYSTEMS, INC., Symantec Corporation, IBM Corp., Rapid7, Mimecast Services Limited, Imperva, Forcepoint, Trend Micro Incorporated, Fiserv, Inc., AO Kaspersky Lab, and VMware, Inc among others.

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Cybersecurity in Financial Services Market

By Type of Security

Network Security
Cloud Security
Application Security
End-point Security
Wireless Network Security
Others

By Service Type

Professional Service
Managed Service

By Deployment Type

Cloud-based
On-premise

By Organization Size

Small and Medium Sized Enterprises
Large Enterprises

By End User

Banks
Insurance Companies
Others

By Region

North America

U.S.
Canada
Mexico
Rest of North America

Europe

France
The UK
Spain
Germany
Italy
Nordic Countries

Denmark
Finland
Iceland
Sweden
Norway

Benelux Union

Belgium
The Netherlands
Luxembourg

Rest of Europe

Asia Pacific

China
Japan
India
New Zealand
Australia
South Korea
Southeast Asia

Indonesia
Thailand
Malaysia
Singapore
Rest of Southeast Asia

Rest of Asia Pacific

Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

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Absolute Markets Insights assists in providing accurate and latest trends related to consumer demand, consumer behavior, sales, and growth opportunities, for the better understanding of the market, thus helping in product designing, featuring, and demanding forecasts. Our experts provide you the end-products that can provide transparency, actionable data, cross-channel deployment program, performance, accurate testing capabilities and the ability to promote ongoing optimization.

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